The city issued 16 building permits May 1 at a total job cost of $27 million for the Stanmore Wells Creek apartment community at 11723 Wells Creek Parkway next to the 850-acre Wells Creek community in Southeast Jacksonville.
Houston-based real estate development and investment trust Stanmore Partners LLC, through Jax Philips Hwy Apts LLC, is building the 280-unit apartment community along the east side of Philips Highway, 1.3 miles south of the Florida 9B interchange.
Stanmore Wells Creek comprises 368,394 square feet for two four-story apartment buildings, a clubhouse with a fitness center, and garages. Plans indicate 148 one-bedroom, 112 two-bedroom and 20 three-bedroom units with 467 parking spaces.
Jax Philips Hwy Apts LLC amended the land use and rezoned the 19.13-acre property for multifamily use in September and paid $5.36 million March 5 to Masterfit Golf Teaching and Fitting Academy Inc. for the property.
Jax Philips Hwy Apts LLC paid $601,000 on March 5 for about 0.01 acres from Eastland Partners, through Wells Creek LLC, for access to Wells Creek Parkway.
Jax Philips Hwy Apts LLC secured a mortgage March 12 for $35.48 million from Regions Bank.
Stanmore Partners developed the Ravella at Town Center, a 306-unit apartment community in The Strand at Town Center. It completed Ravella in 2018 and sold it Dec. 3 to a St. Louis investor for $67.75 million.
Stanmore Partners has developed more than 40 properties comprising more than 12,000 units exceeding 10 million square feet across the country.
Birmingham, Alabama-based Hoar Construction LLC is the general contractor for Stanmore Wells Creek.
Hoar Construction is a partner in Stanmore Partners LLC, forming an integrated development and construction management platform.
